Over the last month, we have taken you through our digital marketing predictions of the future. With digital marketing becoming ever more multi-dimensional our last prediction has to have a focus on analytics. The explosion of connected devices – smart phones, tablets and other digitally connected devices – has made the world more connected than ever, enabling marketers to monitor and collect engagement information at each touch point of the purchasing funnel. This combination has given today’s marketers unprecedented data about their customers.
With this wealth of resources at our fingertips it is very important to have a vision, a strategy and footprint and clear objectives for your social media development. The only way you can see if the strategy has been successful of course is to measure and analyse your performance and results. Yet, it’s one area many businesses fall down on. For businesses to be successful digital analytics will have to become more of a focus. Businesses will have to create a culture that values data and ensure that their key business decisions are data-driven.
Businesses will need to measure what matters
There are many metrics you could measure when it comes to digital analytics but not all metrics will be important; you need to measure what matters; what informs your business growth and sales funnel. Such as;
- Who is coming to your site, and what are those people doing once they get there;
- What channels are driving buying customers;
- Who is converting;
- What conversions are deepening relationships;
- What conversions are driving revenue;
- Who is buying multiple times;
- What’s your lifetime customer value;
- What are your churn rates
Creating and implementing an analytics program requires four steps:
- Defining your metrics and developing a plan
- Collecting the data
- Developing reporting features and capabilities
- Ongoing analysis and implementation
The analytical cycle should run in parallel with other marketing activities like monitoring ROI, actionable insight and driving the continual improvement in businesses.
Our Digital Marketing Predictions for the Future
Over the course of this month we have shared our Digital Marketing predictions for the future:
5. Analytics will have more focus
In all of our predictions, there is one thing we are certain of; whatever changes are coming Businesses will need to adapt and grow with the digital times to survive.